Tonga Issues

Gold Coins

Tonga, on April 22, put in circu ion its new gold coins, which are pected to reap a handsome profit r the Kingdom. (“PIM”, Jan., p. , Mar., p. 35.) The coins—the koula, half-koula d quarter-koula—are the first gold ins to go into unrestricted circu ion at face value as part of a tion’s currency since the world de devaluation of gold more than years ago.

The Royal Mint in London has nted 10,800 pieces—the first the nt has produced in gold alloyed ly with silver for 150 years. The ula piece is about 1J inches in imeter, and has a face value of 20 (equivalent to fA2O).

Coin collectors and others who :1 that they ought to have a koula, If-koula or quarter-koula as a sou lir are expected to “clean up” the ;v issue in very quick time.

Each koula (the Tongan word for id) has about £l5 worth of gold it, and the cost of minting is , so the Tongan Government will ike £4 on each one. Presumably, will make about £2 and £1 re stively on each half-koula and arter-koula.

The Royal Mint produces coins for

about 25 Commonwealth and other countries. More than 60 per cent, of its total production is for overseas governments.

Before the new Tongan coins were released the Crown Agents in Lon don were flooded with inquiries and 1,000 sets were held back for collec tors. They were to be distributed by ballot.

Tonga has had no coins of its own. The Tongan Coinage Act was assented to last October. The Act per mits coins of the following denomina tions: Gold, Half-gold, Quarter-gold, 100 Mill, 50 Mili, 25 Mili, 10 Mili, 5 Mili and 1 Mili. The Mili coins will contain mostly copper and nickel.